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Now is the time to plan for Christmas purchases

Christmas is just under three months away, so now is the time to start looking for good deals on the gifts you want to purchase. While you don't have much time, you can start saving now so that you aren't having to spend a lot on credit cards for this holiday.

Sometimes, you just can't help having to use a credit card to buy Christmas gifts. If this is what is going to happen to you this year, set your budget now. Take the time to figure out what you will be able to repay in the first few months of 2020, so you can stick to what you know you can afford.

Another factor to consider if you are using credit is that you are going to have pay interest on the purchases. If possible, find a card to use that has a promotional period for the things that you will buy. Make sure you pay those off before you will accrue interest.

If you are already drowning in debt, you might realize that you can't pile more on for the holiday. As tough as this is, you do have options. You might choose to file for bankruptcy, which can provide some financial relief for you.

Bankruptcy requires you to cut back on your spending for a while. You have to learn to live without credit because you can't obtain new lines of credit during the time the case is open. This won't help you afford gifts this year, but it might help you plan better in the future and provide you with the financial fresh start that can benefit you for a long time to come.

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